Banking News: Welcome to Banking News! How was your experience at the GFF?

Nitin Bhatnagar: Thank you very much. I’ve attended the GFF for the past few years, and it’s always a great platform for fintech companies to explore growth and discuss critical issues like data security and the adoption of standards. GFF gives exposure to companies, allowing them to learn from various perspectives, which is very valuable.

Banking News: What can we take away from this year’s GFF?

Nitin Bhatnagar: I represent the PCI Security Standards Council, where we develop standards to protect payment data. In today’s session, we talked about the importance of adopting these standards and how emerging technologies will shape the future of payments. The focus is on educating and raising awareness about how payment standards and data protection are evolving. It’s critical for fintech companies to implement these standards effectively to secure their operations.

Banking News: What message do you have for fintech entrepreneurs and enthusiasts regarding the importance of standards?

Nitin Bhatnagar: It’s vital for fintech entrepreneurs to get involved in standards bodies like ours. Your input from different regions can significantly influence the development of standards. For example, Nepal Clearing House Limited (NCHL) has been actively contributing, and they’ve even become a part of our global board as one of the advisory members. It’s important to be part of this conversation, as it helps shape the standards that impact your region.

Banking News: How do you see the fintech world evolving in the next 5 years?

Nitin Bhatnagar: The fintech landscape is dynamic and constantly evolving. Every year brings new developments in technology and standards. The key to thriving in this space is adopting best practices and staying updated on emerging trends. Education and awareness are essential, as they help companies navigate and implement these changes effectively. So, while 5 years may seem like a long time, the real challenge is staying ahead year by year.

Interviewer: You’ve visited Nepal a couple of times. How do you see Nepal thriving in the fintech industry?

Nitin Bhatnagar: Nepal is already on its way. Organizations like NCHL have set benchmarks in the fintech space, showing the world what Nepali companies are capable of. Sanjib Subba has been a driving force in this progress, not just within Nepal but also in the broader region. Nepal’s fintech ecosystem is growing rapidly, and it’s exciting to see its impact globally.

Banking News: What advice do you have for Nepal’s regulators in terms of fostering fintech growth?

Nitin Bhatnagar: Our role is to keep regulators informed and educated about emerging standards and best practices, and we’ll continue to do that. It’s not that regulators aren’t aware—they are, and they’re also educating their regulated entities. The key is to remain proactive and open to global perspectives, continuously updating regulations to foster innovation.

Banking News: Thank you for your time.

Nitin Bhatnagar: Thank you! It was a pleasure speaking with you.